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Stablecoin issued by Circle redeemable 1:1 for US dollars.
USDC is a type of cryptocurrency known as a stablecoin. Its value is pegged to the US Dollar, meaning one USDC is generally equivalent to one US dollar. The main purpose of USDC is to combine the stability and wide acceptance of traditional fiat currencies like the USD with the technological advantages of digital currencies.
USDC maintains a 1:1 ratio with the USD. This is achieved by holding reserves in the form of cash and short-term U.S. Treasury bonds equal to the number of USDC tokens in circulation.
USDC is issued by Circle. Users can redeem USDC for USD and vice versa.